Bifalgorithm post

Stop scrolling tax season is coming a lot faster than you may think and there is one CRA tax credit that gets overlooked every year until the last minute and it's called the disability tax credit. So here's the headline this credit is not based on a diagnosis alone. The CRA looks at how long-term impairments affect daily life. It should be impacting you at least 90% of the time for at least 12 months. The application is a CRA form called T2201. A medical practitioner completes the medical section, then the CRA reviews it and decides eligibility. Now here's the part most people don't hear about until tax season. If CRA approves eligibility for prior years, they may reassess past tax returns. If you pay tax in those years, that reassessment can sometimes create a refund. For some people, that adds up quickly across multiple years, which could result in thousands in refunds. It's really important to understand that no one can promise an outcome. It depends on your situation, your tax history and whether the CRA approves it or not. If you've been managing serious limitations and no one has ever explained this to you before, don't wait until March or April. We put free information on our profile that breaks down what the CRA is looking for and what the application involves. So you can decide if it's worth exploring or not. Check the profile to see if we can help in any way.

Stop scrolling tax season is coming a lot faster than you may think and there is one CRA tax credit that gets overlooked every year until the last minute and i…